USDCAD is Trending Strong and Looks Like a Good Pair to Trade

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Over the past few weeks, we have seen the market rise from the lower bound of the yellow channel towards its upper wall. Now the price is in the central zone of the green and yellow channels.

It is possible that in the near future the price growth will continue, in this case, we will see an uptrend to the upper bound of the yellow channel and the resistance level of 1.341.

However, the strength of the bulls will be called into question if the market goes beyond the bounds of the green channel, breaking through its lower wall and the nearest support level of 1.328. In this case, we can expect the beginning of a major decline, the purpose of which will be the lower bound of the yellow channel and the support level of 1.305.


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